Australia sets May 14 deadline for crypto exchanges to register for regulation

There are almost 100 exchanges in Australia

The days of the wild west in crypto are slowly ending.

The Australian Transaction Reports and Analysis Centre is demanding that all crypto exchanges register by May 14 for monitoring via anti-money laundering and counter-terrorism monitoring.

At the moment, just 20 of the 100 exchanges in Australia have registered so far. The registration will allow AUSTRAC to collect information on each customer’s identity and monitor suspicious transactions.

According to a report released by the Australian Competition and
Consumer Commission’s (ACCC) Scamwatch service earlier this year, the
agency received 1289 Bitcoin-related scam complaints in 2017 alone.

More at Finance Magnates.

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